When a minimum wage is introduced ________ the equilibrium wage rate, the quantity of labor demanded ________ and the quantity of labor supplied ________, thus creating unemployment
A) above; increases; decreases
B) below; increases; decreases
C) above; decreases; increases
D) above; decreases; decreases
E) below; decreases; decreases
C
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When buying a car from a commission salesman you improve your bargaining position by
a. shopping for last year's model when the new model year cars are arriving b. shopping when the showroom is full of customers c. shopping when the car lot has few cars left unsold d. shopping toward the beginning of the month
The relationship between the quantity of inputs and the quantity of outputs is called a:
A. cost function. B. production function. C. profit function. D. resource function.
Long-lasting resources used to expand the production of goods and services in the future are called
a. consumables. b. capital goods. c. consumer durables. d. inventories.
Excludability is the property of a good whereby
a. one person's use diminishes other peoples' use. b. a person can be prevented from using it. c. the government rations the quantity of a good that is available. d. the resource is congestible.